At the Labour Party Annual Conference in Liverpool yesterday (29 September), the Chartered Institute of Export & International Trade held a pair of free-to-attend events, attended by figures such as trade minister Sir Chris Bryant, Labour MP Sarah Edwards and Liverpool City Region Combined Authority deputy cabinet member Carla Thomas.
At both events, panellists and attendees spoke of the turbulence experienced by British businesses when trading internationally and the role of government in helping industry navigate these challenges.
Tariff turbulence
The morning session focused on the disruption caused by US President Donald Trump’s tariff programme and was held under Chatham House Rules.
One panellist warned of the enduring damage tariffs could cause, saying that they did not lead higher employment, could hurt US manufacturing jobs and could cause higher product prices.
They said, however, that it could provide an opportunity for UK firms to build closer relations with other markets. Areas like the Nordics were discussed.
Additionally, the changing nature of supply chains provided an opportunity for UK firms to explore other markets and take advantage of the UK-US Economic Prosperity Deal.
A new world
The second session, which wasn’t conduced under Chatham House rules, was focused on the UK’s place in a changing world, and how Britain could defend the rules-based order.
Chartered Institute director general, Marco Forgione, said that the new trading environment required collaboration, rather than nationalism, to protect UK businesses.
The UK could be at the forefront of establishing a new system, Forgione said, relying on its strong relationships with both the EU and US.
Barriers and deals
Businesses still needed help in order to access this trading system.
Katie Roscoe, director of public affairs and policy at Airbus, said that finance was still a problem for many companies. Aerospace in particular has a very high barrier to entry for many firms, she said.
Other panellists stressed the importance of the multilateral trading system and institutions like the WTO, both of which have come under threat recently.
“Trade is there for humanity, not humanity for trade”, Bryant told the audience.
“Trade can broaden the mind, can establish cultural connections.”
The Rhondda and Ogmore MP said that he was expecting more trade deals to be announced, with at least three currently being discussed but hinted that more could be on the way.
He also said that the government would continue to push for closer EU relations, as well as talking up economic security measures to protect the UK’s traders.
While speaking highly of the government’s recent industrial and trade strategies, Forgione said there was still a need to keep building on the European relationship.
“Forty five percent of our trade is with the EU: we have to work together and we need to resolve our differences.”
“In a multipolar world that we need to deal with, these shared challenges that can only be resolved together.”
